In this article, we’ll be going through steps to start investing in crypto. Cryptocurrencies have evolved as an asset class that allows you to invest and earn significant profits. Despite a lack of government support, this asset class has grown in popularity in recent years. The prospect of large gains in a short period of time has enticed investors to join the crypto bandwagon. Here are the actions you need to take to start trading in digital currencies.
We’ve explained in easy steps on start investing in crypto. These are booming right now and we’ve also talked a least about it. You’ll be able to invest in crypto just by following these simple steps.
Also read: Blockchain For beginners: Step-by-step Guide
6 Easy Steps to Start Investing in Crypto
Step 1: Select Right Crypto Exchange
There is no defined structure or uniformity to cryptocurrency trading in India due to the lack of crypto regulation. However, you can quickly buy and sell your digital currency using the platforms of crypto exchanges. Popular cryptocurrency exchanges in the nation include WazirX, UnoCoin, CoinDCX, and CoinSwitch Kuber.
Step 2: Open a Trading Account
You must first open a trading account with the cryptocurrency exchange of your choosing. This account will function similarly to a bank account. During the registration process, the exchange will check your credentials based on the services you select, the amount you intend to invest, and the available coin trading possibilities.
It will necessitate the exchange of KYC (Know Your Customer) information as well as the establishment of payment options. You may be required to submit copies of your PAN card, photo ID, and address evidence for KYC. Notably, unlike traditional stock exchanges, crypto exchanges operate 24 hours a day, 365 days a year.
Step 3: Fund Your Account
After creating an account, you must deposit funds into the crypto-trading account in order to purchase cryptocurrencies. You can transfer dollars from your bank account to your crypto-trading account online. It does, however, necessitate linking both accounts. Furthermore, depending on the rules, you may be required to wait before purchasing digital currency.
Step 4: Buying and Investing in Cryptocurrency
Following the creation of an account and the transfer of funds, you must select the coins in which you wish to invest. Bitcoin is by far the most popular, followed by other altcoins such as Ethereum, Cardano, Binance Coin, Tether, XRP, and Dogecoin, to name a few.
Step 5: Store your Cryptocurrency
After you’ve made your purchases, the most crucial phase is storing them. Crypto exchanges are not backed by any formal institution, and they almost certainly do not have standard insurance coverage. They are also concerned about getting hacked. As a result, you must secure the passcode to your account and possessions. It is usually a good idea to save your newly obtained coins in a crypto wallet.
Step 6: Choose a Strategy
Using Elliott Wave Theory, you can create an outstanding plan for increasing profits. Because Elliott Wave Theory focuses on the psychology of market mood, it works well for speculative assets such as cryptocurrency.
Furthermore, you can receive some crypto professional opinions that might be useful before growing one’s bitcoin investment. Instead of mindlessly following anyone’s advice, one should always start with tiny investments and carefully research the market.
Cryptocurrency is a highly speculative industry, and many wise investors have decided to invest elsewhere. However, the best advice for beginners who want to start trading cryptocurrency is to start small and only use money that you can afford to lose.
Here’s are the six easy steps to start investing in crypto. Follow each step along and make your first crypto purchase today!